DOOBIEXX Easy answer: IP in menubar is coded in real basic, an easy language to learn, visual, pretty much anyone that can drag and drop can code an app in rb. They are not as pretty as cocoa apps, not as fast, and as you noticed not as small in terms of app size but it also hogs resources more than a clean cocoa app.
RB is really for people who either don't know much coding or who want to make multi-platform apps since rb can be ran on any OS. If your on a mac, use cocoa apps and in this case, ipmenulet.
Both apps are opensource at their respective sites so go and play!!
(Version 4.1)